[Robert Adams]

My 2 cents.
Wait until you see what happens! I pretty much agree with all those above. If I have a choice between a person who can do (3) jobs and (2) that can barely do there own, guess who I'm going to pick.
And, you know if it works out that they lay her off, my guess is they will give her some sort of package, or worse, unemployment while she looks for a new job.
I would also point out a lot of companies may be laying off, but there are others looking to upgrade the people they have and there are a lot of really good folks out there thru no fault of there own looking for a job.
Yes, tighten the belt for a while until your wife lands something and I would at all costs, not approach your current employer no matter how low on the pay scale you are. You need the experience and if you end up losing your job in the mists of all this, maybe a sub shop sounds good, but remember there are probably (3) PhD’s in line ahead of you for the same position. Doesn't hurt to have your resume up to date and actively look for something new. If you find something you either leave or negotiate with your current employer. But have an offer in hand first.
I have also always found having a one on one conversation about things in general and then working the conversation around to explaining your NEW situation and specifically, compensation/benefits with your employer, they will usually listen fairly empathically. They don't want to lose a good employee as much as you don't want to leave for another job. I would try to get an idea of how you are performing from their perspective before asking for more money, and do it causally not... I want to have a meeting to discuss more pay. You don't want to get them defensive before you even have the conversation. My guess is if they are happy with you they probably would consider upping your pay under NORMAL conditions.
I know from my early job experience during another recession, I ended up working out a 4 day work week for the same pay, so I got 3 days to go develop a side business doing antique furniture restoration. Guess what? I made more money do the side business than my 'full time job'. I actually had a blast doing it until the economy turned around again and my employer was able to give me a raise. And the kicker..I was able to turn over a pretty decent business to another fellow and he paid me a couple points on every piece he handled for another 8 months or so after he took over my 3 day a week business.
Point is, you have to sometimes get a bit creative about making more income. Just some thoughts.
Good luck, keep us posted on how things work out. Remember, this to shall pass!